SM first-quarter profit grows 15%

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SM Center Imus will be SM Prime Holdings, Inc.’s sixth mall in the Cavite area. -- SM

The country’s largest shopping mall operator booked a 15% profit increase during the first quarter of 2018, fuelled by its strategy of developing more malls and residential projects in the provinces.

SM Prime Holdings, Inc. (SM Prime) said in a statement Monday, May 7, that its net income stood at P7.6 billion for the first three months of the year, higher than the P6.6 billion it reported in the same period a year ago. Consolidated revenues accelerated at a similar pace at 14% to P23.4 billion for the quarter.

“The growing revenue contribution of our mall operations in the provinces and increasing reservation sales of our residential projects in Metro Manila drove our bottom line higher and kept us in line with our first quarter target in 2018,” SM Prime President and Chief Executive Officer Jeffrey C. Lim said in a statement. — Arra B. Francia